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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
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DATE OF REPORT: NOVEMBER 6, 1998
DATE OF EARLIEST EVENT REPORTED: NOVEMBER 6, 1998
GENERAL SEMICONDUCTOR, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-5442 13-3575653
(State or other (Commission File Number) (I.R.S. Employer
jurisdiction of Identification Number)
incorporation or
organization)
10 MELVILLE PARK ROAD
MELVILLE, NEW YORK 11747
(Address of principal executive offices)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (516) 847-3000
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Item 5. Other Events.
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On November 6, 1998, the registrant issued the press release filed as
Exhibit 99.1 hereto.
Item 7. Financial Statements and Exhibits.
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Exhibit Description
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99.1 Press Release issued November 6, 1998
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on behalf of the
undersigned hereunto duly authorized.
Dated: November 6, 1998
GENERAL SEMICONDUCTOR, INC.
By: /s/ Andrew M. Caggia
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Andrew M. Caggia
Senior Vice President and
Chief Financial Officer
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EXHIBIT INDEX
Exhibit Description
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99.1 Press Release issued November 6, 1998
Exhibit 99.1
[GENERAL SEMICONDUCTOR, INC. LETTERHEAD]
FOR IMMEDITE RELEASE CONTACT: Pam Jameson
(516) 847-3169
GENERAL SEMICONDUCTOR ANNOUNCES RESTRUCTURING
Expects Earnings Improvements in 1999
MELVILLE, NY (November 6, 1998)--General Semiconductor, Inc. (NYSE:SEM), a
leading manufacturer of discrete semiconductors, today announced that it is
undertaking a restructuring designed to further improve the Company's
positioning and financial results in the continued difficult environment
that exists in the semiconductor industry.
The restructuring, which will include overhead reductions and structural
changes designed to enhance operating performance, will result in a pretax
charge of up to $14 million in the fourth quarter of 1998, or $10 million
($0.27 per share) after tax. Earnings expectations before restructuring
charges in the fourth quarter remain on target.
"We continue to be pleased with our strong financial performance in these
difficult times," stated Ronald A. Ostertag, Chairman and Chief Executive
Officer. "Our business fundamentals remain in place and we continue to
pursue our growth strategy. This restructuring activity is consistent with
our philosophy of continual improvement and will allow us to increase
service to our customers, enhance financial performance and strengthen our
ability to pursue the opportunities that lie ahead. With the increased cost
efficiencies that are intended to be achieved from the restructuring, 1999
earnings per share could increase materially over 1998 despite the
Company's expectation of continued price pressures," he added.
Restructuring activities will begin immediately and are expected to be
fully implemented in the first half of 1999.
General Semiconductor, Inc. is a market leader in the discrete segment of
the semiconductor industry with manufacturing facilities in China, France,
Germany, Ireland, Taiwan and the United States. The Company provides
customers with a broad array of power rectifiers, transient voltage
suppressors and small signal transistors and diodes. It has a diversified
customer base, in terms of geography and end-use markets. Customers include
leading manufacturers, located around the globe, of consumer electronics,
lighting, telecommunications equipment, computers, automotive and
automotive aftermarket products.
The information set forth above includes "forward-looking" information and,
accordingly, the cautionary statements contained in Exhibit 99 to the
Company's Form 10-K and Form 10-Q filings with the Securities and Exchange
Commission are incorporated herein by reference. General Semiconductor's
actual results could differ materially from the "forward-looking"
information in this press release.
VISIT GENERAL SEMICONDUCTOR ON THE WEB AT www.gensemi.com
